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CEO of crypto derivatives exchange FTX donated $5M to Biden campaign

CEO of crypto derivatives exchange FTX donated $5M to Biden campaign

Sam Bankman-Fried, the CEO of Hong Kong-based cryptocurrency derivatives change FTX, donated $5.2 million to vp Joe Biden’s presidential marketing campaign.

As The Wall Avenue Journal reported on Oct. 28, Biden’s presidential marketing campaign acquired a complete of $79.5 million from the highest 100 donors describing themselves as CEOs. Bankman-Fried is reportedly the second-largest “CEO-contributor” to the marketing campaign after Michael Bloomberg, a co-founder of the eponymous monetary and media firm, who donated $56 million.

The most important contributions by CEOs to each Biden and present president Donald Trump are nonetheless solely a drop within the bucket. Each campaigns along with their outdoors backers raised $2.2 billion {dollars}.

Whereas Bankman-Fried is a “relative newcomer to political spending,” in accordance with The Wall Avenue Journal, FTX has already dabbled within the enviornment.

In February 2020, FTX arrange a futures contract designed to permit merchants to guess on Trump’s reelection in 2020. Dubbed Trump token, the contract expires to $1 if Trump wins the 2020 US presidential common election, and $zero if he loses. In keeping with the most recent recorded information, nearly all of merchants have put their bets on “Trump Lose.”  FTX subsequently launched an identical futures contract for Trump’s rival Biden.

Present costs of TRUMPWIN and TRUMPLOSE tokens on FTX

At publishing time, votes for the American presidential election are nonetheless being tallied, with declared winner thus far.